"Brexit stalemate means growing damage today and a weaker economy tomorrow" - CBI survey
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UK businesses are warning that recent Brexit uncertainty has
significantly affected their sales and investment plans over the
last few months, a new CBI survey says. 273 firms across the
services, manufacturing, and distribution sectors took part in a
survey assessing how ongoing Brexit uncertainty has affected
various aspects of their business and what concerns them about a
potential ‘no deal’ Brexit scenario. Less than one month
before the UK is set to leave the...Request free trial
UK businesses are warning that recent Brexit uncertainty has
significantly affected their sales and investment plans over the
last few months, a new CBI survey says.
273 firms across the services, manufacturing, and distribution sectors took part in a survey assessing how ongoing Brexit uncertainty has affected various aspects of their business and what concerns them about a potential ‘no deal’ Brexit scenario. Less than one month before the UK is set to leave the European Union, firms believe:
See notes to Editors for results tables. Commenting on the findings, Rain Newton-Smith, CBI Chief Economist, said: “With Brexit stuck in stalemate, this only means growing damage today and a weaker economy tomorrow. Growth is at a near standstill and investment is evaporating; the economy is undoubtedly slowing down. “Businesses are getting on with the day job and continue to show genuine resilience in the face of recent uncertainty. “But the spectre of no deal is holding them back from investing in new factories, new overseas markets and new jobs. “No deal would unleash a minefield of consequences that cannot be circumvented by mini-deals and last-minute horse-trading. Holding out for unicorns will guarantee no deal. Only backing a deal will take business uncertainty off boiling point. “MPs must put jobs and the UK’s economic wellbeing before dogma and finally agree a way forward. Get behind the Prime Minister’s deal, but if you can’t, then get behind something else fast, to protect communities and living standards.” Notes to Editors The survey was carried out between 19 and 28 February. 273 firms responded. A ‘balance’ is the difference in percentage points between the weighted percentage of firms answering that output is “up” and the percentage answering “down” (for example, if 30% of firms say that output is up, 60% that it is unchanged, and 10% that it is down, the balance statistic is +20%). The data presented are weighted by company sector and employment to ensure the results are representative of the UK economy.
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